Frequently Asked Questions

There are 3 types of ISA:

• cash ISAs
• stocks and shares ISAs
• innovative finance ISAs

You can put money into one of each kind of ISA each tax year. This is known as “One ISA of each type of Tax Year” Rule.

Hartley Pensions Ltd offer a Stocks and Shares ISA and Innovative finance ISAs. To open one of these ISAs you must be 18 years old or over.

You must also be a resident in the UK or a Crown Servant or their spouse or Civil Partner.

Hartley Pensions Ltd also offers a Junior Stocks and Shares ISA for children under the age of 18.

Your ISA Manager will be Hartley Pensions Ltd who are regulated by the Financial Conduct Authority (FCA), reference number 735936.

Whilst your money is being held in a deposit account which we set up for you, it is covered by the FSCS’s UK deposit recovery scheme. When your money is invested on a particular platform/s it may also be covered by the FSCS. Further information can be found on the FSCS website by visiting: http://www.fscs.org.uk/

Yes. You have a legal right to cancel your Hartley Stocks and Shares ISA, within 14 days of you receiving the welcome pack. Please notify us in this instance.

ISA charges & key benefits at a glance

The charging structure for all Hartley ISAs is completely transparent. There are no hidden charges. For more information, see our comparison chart below.

All prices are exclusive of VAT

HMRC have termed adding money to your ISA as ‘subscriptions’

In the 2016/2017 tax year the maximum you can subscribe into an ISA is £15,240. This amount is the total across all ISAs that you may own.

For example: You could save £10,240 in a cash ISA, £2,000 in a stocks and shares ISA and £3,000 in an innovative finance ISA in one tax year.

If you have subscribed to an existing ISA not held with us then this will also count towards the subscription limit.

For Junior ISAs (JISAs) the maximum subscription limit for 2016/2017 tax year is £4,080.

From 2017/2018 tax year the subscription limit for ISAs is to increase to £20,000 and for JISAs £4,128.

You can withdraw funds at any time by alerting us. We can arrange a one-off payment or regular payments to be made into a bank account in your name.

No. However if disinvestments are made to cover a withdrawal then trading charges may apply

Yes. You can transfer your existing ISA investments to your Hartley Stocks and Shares ISA by completing our simple Transfer-In form and asking your existing ISA provider to make the transfer.

If you transfer current tax year subscriptions into a Hartley Stocks and Shares ISA then these count towards to the subscription limit. However if you transfer in previous years subscriptions then you still able to pay the full allowance for this tax year.

No, we are so confident you will be impressed with your service that we do not charge a fee to transfer out

Once we are advised of your death, we will take steps to close your ISA as it stops being tax-exempt from the date of death. We will liaise with the executor of your estate regarding the sale of any investments still held in your account (as it no longer benefits from the ISA “wrapper”). Tax will accrue on any gains from your investments from the date of death and payment of any tax on these gains will be overseen by the executor or administrator of the estate. The assets held will form part of your estate and are potentially liable to inheritance tax.

The APS is an allowance passed to your spouse when you die. This allowance is in addition to their own subscription limit.

The Value of the APS is limited to the value of your ISA at death.

For example
The value of your ISA is £45,000 at death, this figure is added to your spouses subscription limit of £15,240 allowing a total subscription of £60,240 into their own ISA

A Cash ISA allows you to subscribe cash into a tax efficient vehicle where funds can be readily available to you.

To open a cash ISA you have to meet the following criteria;

• 16 or over for a cash ISA
• resident in the UK
• a Crown servant (eg diplomatic or overseas civil service) or their spouse or civil partner if you don’t live in the UK

Your ISA will be formally opened from later of;

• The date a valid application form has been completed and accepted
• The date on which the subscription has been made

You can check the opening or ‘commencement’ date of your ISA in your welcome pack.

Yes – you can set up a direct debit to come out of your account on the 1st of every month at a frequency of your choice. We can then make a one-off or regular payments to the platform/s of your choice.

A Stocks and Shares Individual Savings Account or ISA is a savings vehicle through which you can invest in a number of UK and international investments, tax efficiently. Any profit you make on your investments is tax-exempt. A Stocks and Shares ISA gives you the opportunity to choose which investments you hold, within the regulations.

You have the choice as to how to select and manage your investments held in Stocks and Shares ISA;

• You can do it yourself and self select the funds with the ISA manager
• You may use an adviser who will identify suitable investments for you that meet your objectives and risk profile

To apply for a Stocks and Shares ISA we will require for our application form to be fully completed. We will also require that a valid subscription be made within 30 days of completing the application form. Your can subscribe to your ISA in the following ways:

• Cheques
• Transfer in an existing ISA currently held with another ISA provider – our transfer will need completing to action this.
• Direct payment into your ISA can be made once we have processed your application
• Regular payment by Direct Debit

On receipt of a completed application and subscription we will be in a position to formally open your Stocks and Shares ISA.

Below is a list of the qualifying investments allowed in a Stocks and Shares ISA.

• Shares
• Securities issued by companies
• Government securities
• Core Capital Deferred Shares (CCDS)
• Securities issued be certain multilateral organisations
• Units or shares in a UK UCITS
• Units or shares in a qualifying non-UCITS retail scheme
• Shares and securities in qualifying investment trusts
• Units or shares in a recognised UCITS
• Shares emerging from a Schedule 3 SAYE option scheme or a Schedule 2 Share Incentive Plan
• Depositary interests
• Cash
• Units in a collective investment schemes specified as stakeholder products
• Policies of life insurance that satisfy the requirements
• Policies of life insurance issued before 5 April 2004 that had previously qualified for the separate insurance component
• Investments held in a PEP at 5 April 2008 that were qualifying investments under regulation 6(2)(m) of the Personal Equity Plan Regulations 1989

You can not invest in Unquoted shares and anything not noted in the list above which was based on HMRC guidance. Please check www.hmrc.gov.uk for the most current list. The particular investment platform or provider you choose may have a different list to the above. Please visit our website: hartleypensions.com for the latest list of approved ISA investment platforms. We cannot give any advice on which particular platform to choose; the list we hold simply means that the platform provider has satisfied our due diligence procedure.

Your ISA will be formally opened from later of;

• The date a valid application form has been completed and accepted
• The date on which the subscription has been made

You can check the opening or ‘commencement’ date of your ISA in your welcome pack.

Yes. You can transfer your existing ISA investments to your Hartley Stocks and Shares ISA by completing our simple Transfer-In form and asking your existing ISA provider to make the transfer.

Yes – you can set up a direct debit to come out of your account on the 1st of every month at a frequency of your choice. We can then make a one-off or regular payments to the platform/s of your choice.

We will keep the cash in a segregated client account with Barclays while we await your instruction for investment.

Introduced on 6th April 2016 and Innovative ISA allows you to lend direct to borrowers which allows you enjoy better rates. When lending through an Innovative ISA and interest you receive back will be tax-free

The Qualifying investments that you may purchase, make or hold in an Innovative Finance ISA, are:

• peer-to-peer loans
• cash

Peer to Peer lending is something known as P2P lending it allows borrowing and lending between individuals or peers without using banks or building societies.

Your ISA will be formally opened from later of;

• The date a valid application form has been completed and accepted
• The date on which the subscription has been made

You can check the opening or ‘commencement’ date of your ISA in your welcome pack.

We will keep the cash in a segregated client account with Barclays while we await your instruction for investment.

A Junior ISA was introduced in October 2010 to provide children with a tax free savings account.

There are two types of JISAs, a child can have either;

• A Cash JISA
• Stocks and Shares JISA

Hartley Pensions Ltd do not offer Junior ISAs

As long as you child meet the following conditions then you can apply for a JISA;

• They are under age of 18
• They were born on or after 3 January 2011 or do not already have a Child Trust Fund account
• They are a resident in the UK

A JISA can be opened by someone with parental responsibility of a child who is under 16 years of age. This person will be come a registered contact for the ISA.

A registered contact is an individual with parental responsibility of a child who will agree to the terms and conditions under which the Junior ISA (JISA) will operate and give instructions for the management of the account.

• There can only be one registered contact for any account at any time
• The registered contact is the only person who can give instructions to the provider on management of the investments in the JISA
• All correspondence will be addressed to the registered contact.

Withdrawals from a JISA are restricted, it is only possible to make withdrawals under the following circumstances;